FT News Briefing Introducing Behind the Money: Night School
Apr 22, 2023
Derek Brower, U.S. Energy Editor at the Financial Times, dives into the complexities of the current energy landscape. He discusses the volatility of U.S. gas prices and their political implications, especially during the Biden administration's pivot towards increased oil and gas production. The conversation also highlights the Inflation Reduction Act, marking a significant shift toward clean energy investment. Throughout, Brower addresses the balancing act between energy independence and climate goals amid evolving market dynamics.
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Hidden Energy Costs
- High gasoline prices affect consumers directly at the pump.
- They also indirectly impact the cost of goods by increasing shipping expenses.
Shale Revolution Impact
- The shale revolution made the US almost energy independent.
- This lowered costs and gave the US a competitive edge in manufacturing.
Biden's Energy Pivot
- The Biden administration initially focused on green energy.
- They shifted and asked for increased oil production due to rising gas prices and midterm elections.